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Street Talk Newsletter

Minimize the Stress of Holiday Debt

Wouldn’t it be great if the holidays were nothing but “the most wonderful time of the year”? We probably do look forward to some parts of the holiday season…our favorite parts, anyway.

Busier-than-usual schedules, shopping, cooking, and traveling put a lot of extra stress on top of an already demanding work and family life. As a police officer, you’re well aware how shift-work can become even more of a time-management challenge this time of year. Also, the vicarious trauma you experience by witnessing tragedy or dysfunction can sometimes feel intense, perhaps even more so when holiday stress is breathing down your neck.

And what about those social or family get-togethers we might be dreading?

And don’t forget the financial strain; that one might feel like the heaviest stressor of all. If you’re an officer who routinely works a secondary, you might be feeling like the holidays gobble up all the extra income.

According to the American Psychological Association, money and finances are the #1 cause of stress for Americans. Add in the holidays, and it feels even worse.

Our attitude about the holidays, what we hope they’ll be like this year, and how we plan to make them manageable has a lot to do with how we’re going to end up feeling once they’re over. Which brings up an important point to take into its fullest consideration: the holidays are not a one-day sprint like birthdays and anniversaries; they’re a six-week marathon.

To counteract all this added stress, it’s important to get pro-active so we can increase our odds of managing time, energy, and finances to our best ability.

You probably already use some of these strategies, but you might find one or two you can try out to reduce some of the holiday financial stress.

Are you on the “1% plan”? Let’s start with the knowledge that many financial planners recommend spending approximately 1% of annual income on holiday expenses. Hmmm…if you looked back at last year’s holiday spending, would you be shocked to see your percentage rate? If so, read on.

Write down your holiday budget; then stick to it as tightly as possible. Writing out anticipated expenses (gifts, entertaining, traveling) makes them more concrete than just keeping a mental tally. It also gives a reference point to really see where your money goes rather than the inevitable sticker shock when the January credit card statement arrives. Here’s a tidbit to help make your list even more helpful. Evidence shows that writing by hand is more beneficial than typing a list or using a spreadsheet to stay organized. Writing by hand creates a brain circuitry that helps us focus, understand and learn in a way that typing does not.

Use cash or a debit card as often as possible. Again, buying on credit is easy when we don’t see or feel the immediate drain on our cash reserves.

If you must use credit, choose your card wisely. Use a card with the lowest interest. If you carry a balance, try to pay more than the minimum amount due.

Don’t pay the price for last-minute shopping. Making your list of who to buy for and how much to spend helps avoid this added expense, both at the check-out and with your stress level.

Get comfortable with a group effort. Sure, it can be tempting to throw a party or put out a holiday spread all on your own so guests have the luxury of walking in and just enjoying themselves. But even a streamlined party can get expensive, and stressful! If you’re hosting a party, try to get comfortable with asking a few guests to bring a dish. It doesn’t have to fall to the host to provide everything.

It really is OK to make a gift or give the gift of time. For some on your list, there is nothing they’ll appreciate more than your home-cooked sweet or their favorite dish. Give the gift of spending a designated amount of time for a designated activity with someone who might otherwise not get this opportunity. You might find that the gift of spending quality time with an aunt, grandparent or parent is the best gift of all for both of you.

Talk openly with family or friends about limiting expenses. Maybe you decide to give gifts only to the younger kids or to donate time or money to a charity you care about. A quick online search for holiday gift-swapping games means everyone can cut expenses and have fun together just for the sake of having fun. Depending on who attends your family gathering, maybe gifts become a thing of the past. Who knows…you might be pleasantly surprised at how receptive or grateful others are to your ideas of cutting costs and focusing more on what really matters: spending quality time with family and friends.

We hope you’re able to take time for yourself during the busy holiday season. Thank you for all you do in your community for people with mental health conditions. We appreciate each and every one of you!